07-04-2009, 12:53 AM
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Member
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Join Date: Oct 2005
Posts: 1,606
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Quote:
Originally Posted by apipintime
Hey Mike,
Leading Diagonal (pg. 40 of EWP)
"When diagonal triangles occur in the wave 5 or C position, they take the 3-3-3-3-3 shape that Elliott described. However, it has recently come to light that a variation on this pattern occasionally appears in the wave 1 position of impulses and in the wave A position of zigzags. The characteristic overlapping of waves 1 and 4 and the convergence of boundary lines into a wedge shape remain as in the ending diagonal triangle. However, the subdivisions are different,
tracing out a 5-3-5-3-5 pattern.
The structure of this formation fits the spirit of the Wave Principle in that the five-wave subdivisions in the direction of the larger trend communicate a continuation message as opposed to the "termination" implication of the three-wave subdivisions of the ending diagonal."
I am not quite sure that each of Waves 1,3 and 5 of that supposed Leading Diagonal are standalone impulsive structures, Wave 1 does not look remotely impulsive. So, in my opinion, that looks much more like a B wave than a Leading Diagonal.
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In a leading diagonal wave iv enters into the territory of wave i (so called overlap), hence my argument that it is a leading diagonal remains valid, at least IMHO. See the part that I hi-lited in DARK RED and separate line, above.
Plus which, GBP and EUR might differ in details, but they move in principle in unison. Simply speaking, both economies (Europe and the UK, or Swiss, for that matter), are too closely connected; they could not afford HUGE discrepancies.
If GBP moves up, EUR must follow (within reasonable margin)
Last edited by Big Mike; 07-04-2009 at 12:57 AM..
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